BRITISH EXPORT TROUBLES
Competition In HONGKONG Europe: Imperial Preference Cut
By RONALD BOXALL
STOCK
EXCHANGE
Our Own Correspondent
Business done on the Hong- kong Stock Exchange this
morning amounted to approxi tions and the morning's trans-
mately $600,000, Noon quota-
actions were;
London, Dec. 1. British exporters heard bad news from two quarters last week. The first fore- shadowed the intense competition in Western Europe, where six of the most important countries have formed 3 Common Market that oxcludes Britain. Bank The second presaged a dramatic and
down of their Union... drastic whittling preferences in the Now Zealand märket. SHIPPING
1
the
Iwo, the European the code of ilberalisation-Itself
[rum new to by far the most serious. a concession
OFFC partners including falks on the setting up of 2 axsociate al 10, Per Trile
Truc the graining 11 West European
with
+234
Arm In
Lcountries
Commonpply matoly In Market of Fenace, Holland. Bel- murkel and even there In only Muck senes al information glam and axembourg,
sectors. broke
But few industrial about dying at speeds close to
down two weeks go. Now
for those afferted the damnge wylee the Spec.
sound hopes are dwindling of salvag- may be serious. The hardest (1,390
17. a.
30,000 feet
wreck That will be the British cur manu- anything from the arat begynd) has bero gained
factmers. They sold 1,700 enrs Futrey at ford rents c
to France last year against their Australian Tariff' P2 former hol Ber
Leanpetitors' 0,000 1.132 wohl's speed record at mp
SHIPBUILDING
Board
now
will begin hearings this month into the
گاوم
question of financial assist- 1 teple w design ance for the Australian ship. | specifically
building industry.
This Was annoumend
Son for
Mauster
dentaton
ינזון
y
Parkipe.
of shipping. after a
Isom rade
rescotch.
for high
speed
CO-OPERATIVE EFFORT
If and when a 1,300 m.p.b. aulinen is but--th experia
LATITIN day it is at least 10 to 15 years.
submitted
profils to
い
Goverment Jo
.:IT
ssistance
to the industry
ASSISTANCE
The assialane prujo50,1 by the urls would take the loan
1 LIZA
shipbuilding
¡!
s© w¢Jwı«f1、*
1 at Frener has pri- posed use Germany has agresi in extend the Cunumon Market's
10 cent tarif eut Den per
members of The Geneca. Agree- Tariis aukci Trods rent (GATT) and to apply a 20 per vent theroase in import quotas the due to be made on day, to all members
ܕ lir
de
DEEC
Concessions
Liberalisation
Sharry Buyers Sellers BANKS
INSURANCEs
SACA
710
000
+15 ( 792
la 7920
70 700
+
5.00
2000
针
100 40
3.660
3000
5.00
2120 21.30
1000
→ 0001
1.023
Wheelock
France's Bri-
discrimination will French
DOCKS, ETC. Dock Provident,
42
1100
the
LAND, EIC
RK Peter
EEK Lan
iumphreys 14.00 Really RUUDEN Analy
21.20
30
2000
30
1014 4
30
10
ожу бол
DO
1.36 137 5000
1230 1.03 2500 u
3000
Trust.
2.00
2.15 G000 ye
210
A. Tawab.
2.40
Sungaia
2.1
OTULITIES 'Traum
..
15.00
22 3150
70.00
1000
23.00
Star Yaumall
fight
Kerry
103
00
Mectro
25.00 24.70
2.30
007 ut 24.40
13 10 13.20
300
07% 13.10
Muerice Telephone
768
300 vr 23.90
201
20
717 4 7.00
1000
$4.00
13.09 16.00 13 13.30
100
13
13 13.80
Under the proposa) for a straightforward 20 per cent In- Crease In all quotus British
will be able ta ofnufacturers
sell a few hundred more cars in France bext
uniter year. But the counter-balancing proposat that the Inercase in quotas to Three per cent of national pro- Cuction should be confined to France's partners in the Com- mon Market, British car manu- facturers' European rivals will be able to increase their exports to France by more than 10,000 curs.
alem (rom i) But these concretons are less important than the third pro-
32.nistry of Supply sentrstvo posisi matte by France that the fat tiforti nakt Famborough | Common Market countries' ob- red the brains of seven of War Bigation to $110 their 1- leading
feat British reraft
quotes for any particular produci to three per cent of its breadert
priduel olgut of that
Com- 1314-727-
overcat merensed subsidy and the establishment
shall be confined to the
Markel entries
A
expet is. sang officiants
Hv
3.40
at Armo
selves
and HOME! .5
Government Shipbuilding Bristol, the Havilland, 2atı! The dipulation also suk- 11, age, Rolis Ingre gested that the Doves amenit
and Harland. should establish Ala Overseas V. Aranstrongs shipping line.
Comexurbe RCTION (4) ADRULA orders Welc
flawl pational phd th Australian strips- bris was urged
them blems.
Phent
;k|
יך
Bask +4 it out whether such an air-
hely JA
prove newsgrable, araf answer ti this question is 10 expected
he taby micaths
Senator Inurkige tole this voons Find the Govoranent bad already established the Aus- Question of Lake-of Rod frutar kenal Idee, which landing speeds Forens large in
Cuis
21...
d
hnet also increage! me subsidy an
RAW!
would
ג[נ!
articular a
Thrala bas
resent this last proposal. For it out at OEEC Vorie" which Map Port especially valuable in bankding
intra-European trade siner the war.
Under the "code of liberalisa- OEEC countries in the have progressively removed the quota
restrictions on their ku- ports from each other.
dozen
Brain is one of the countries which have met their
to be ther il vertical obligation to "liberalise" 90 per landing machine vent of their Imports, Whe
en ships m A. suplar to one-chos!' take-off and of ikea cost
New Flagship
*[*];4 *
Southampton, Dec. 1. £8,000,000 liner
dera Challe, now Bagstilp of the Unlun Castle Line, arrived here early today te muke (tha) preparations [or Der Inaiden
even
having only a vey shur: Scaff and landing run.
Jand Inly in Tanding" itze plio acting as monitor."
AN
TOP!
1
Ships
For Indonesia
others for one reason or another have not reached such a high
berahsution level #
Fatre has one of the poorest pers of all
12
OWLISH ther balance of Teulties. France Jasnents
w. allowed lu suspend her
programme
June, 1957) on the understand- ing that her polley of restricting discriminate Import d not Djakarta. NTARA News Agency said
negotiating for the delivery, of "everal Gërmi, n-built ships.
voyage to South Africa on Newtony Year's Day.
197
The 28,302-ton liner, built at Belfast by Harland Wolft, will accommode to
first class Passengers and 539 tourist class. She is ted with stabilizers.- China Mall Apecial.
wns
German shipyards had offer- ed the Republie credits of more
100
her Deutsche Marka. the agency caid- Reuter
st any of her partners, Now France has openly de- sby tared that in the future will discriminate against ex-
The lust has not be heard of this
Britain's proposal. But opposition to it will be tempered by her reluctatire to do anything thent might prejudice eventual agreement on u means
the associating
"outside" eleven with the Common Murket Francr six. Retaliation against
of
azi
is therefore unlikely-especially as it would appear even NOTI
Medorffies sim
"If we can't marry till of the you're governor Bank of England it wil mean waiting /**
"discriminatory" than action against Britain
France's
*
(Rin.) 7.03
INDUSTRIALS Cement
2412 STORES. Erc. Dobry.. Watson.
Tano, Praw COTTONS
NTS" Int. Inv. II.K. & F.E.
invest.
ម
950
500
800
14.30
NEW COAL
CLAIM BY
CHINESE
London, Dec. 1. Communist China expects to produce about 270,000,- 000 tons of coal this year
Moderately Active Stock Market In NY
New York, Dec. 1.
Strength in electronics issues, individual steels, foods, com-
munications and chemicals enlivened а moderately
active stock market today.
Some of the tobacccs-notably American and Universal--moved up sharply. There were streng the drug, aireralis, spots shipbuildings. building equip ment and specials,
Late prices generally showed a decline from the best levels of the day,
had gains The specialties runging to 4 points in Zerth. Other television and electronic issues con Unued An demand Tungsol and Raytheon each rose close to two points, Admiral rose more than one.
Sleel shares had galus rengini;} to 2 points in Youngstown.
CHATTER
ON WALL
STREET
New York, Dec. 1.
Improvement in ods ran close, Calif Parking Compa to three In Richfeld, Motors Campbell Soup Lo
CIT Finanétal Corp were steady to frm except for | Cigon Peabody American Motors which dipped Colombian Carbon Cis
Diamond Alkali
on large volume. in aircrafts, Continental Oll of Del General Dynamics and North Diamond Match Co. American Aviation added | Douglos Alterati
Et Pus National Gas Firentine Tyre & Rubber General Dynamics
around two points.
New York Stock Exchange Gen. Tyre & Rubber
bond volume was $7,300,000.
American Stock
Grummen Atrerat I OWN OU
Heyden Newport Corp Exchange interstionical Corp Koledy
* แม was 1,820,000 shares.
New York Stock Exchange volume was 3,800,000 shures,
Of 1,258 issues traded, 144 were high, 401 lower,
Dow-Jones closing
were:
EVOTORES
CABUL
Aggott Meyers
暗算
33
+3
E
58
ob' ('o
33
| MeDormolt" J. Hay
Al Donnell
Aircraft
Stock Exe Monsanto Chemical Co. National 1st Ce National Steel Corp. Talk Western Ty Nests Aner Aviating:
Nutt-west Airlines
Un Mathirmon
Industrial
Oxford Paper Co
Penny 3 C. Co
14 litr
65.00
Fenn als 's
£3 stocks
Ak
Procter & Gamble Co
4 bond+
BG T
Batin Corp Prei
Cumin ture price index
13417
Closing Prices
ABING MIK Tar
3.3P
A Brake Shoe
Ann bean Cable & Hastro Cerpo
'+
American Cystimild (h.
SU
Amer, & Kirya, Power
17
Am. Gas & Electric
Am. Home Prod
Beneficial Finance
Borden (They Co
Actually, in reviewing the Burroughs Add Machine
record of the
most
no-
cont decline, we find that there was never any great pressure of selling despite
the
losses considerable that were incurred.
As for us
we are concerned, the insultutions, funds, and other estate investment buyers refrain- om bidding for stocks until the extent of the decline could be measured-Van Alstyne. Noet & Co.
ed
A number of security analysts predict higher bond prices and this could probably attract more money to the bond market and caused higher prices Clark, Dodge & Co.
2.25
CONTINUATION
General Cable Corp. may earn a share this year against 3.80 in 1097 but with continua- tion of the recovery an earning level of $3 p share appears easily
and thus "toave Britain attainable In 1959-Josephthal &
а
far bakind," according to claim of her Coal In- dustry Minister
quoted today by the New China Nows Agency.
Co.
..
Merck carnings are increasing from 2,2 a share in 1957 to 2.70 ustimated for this your.. Norwich Pharmoel ¡938 net estimated ut 2.20
share Brocock (Britain produced 186,175.006 against 2.08 in 1957 tons in the first 45 weeks uf
& Wilcox expected to show a this year, compared with 193,
recovery in earnings for 1050- 104,100 tons in the correspond- Harris, Upham & Co.
last year, according
International* to the Ministry of Power. Het
Paper could total outpat in 1967 was 223.-
Caro $5 B share In 1958 1 000,000 tons, representing an greater utilisation of expanded
tons over capacity were forthcoming.
!perts from West European One of the reasons why Bring period | countries who are not menibers tain cantot go all the way and
AndJoin the Common
Market
on
1956.)
Lily Tulp Cup may suffer
Becker &
Market of the Common what makes this discrimination equal terms is that she has cer- likely to be so serious in prac-tain obligations to her Common-increase of 1,600,000 tice is its non-compliances with wealth partners obligations The Minister, Chang Lin- nominat decline from last year's)
written into the Ottawa Agree- nents of 1932 and perpetuated shin, suiet that by the end of 4.13 a share-A. G.
October, China had produced ca. 220,000,000 tons, overfulAlling two months ahead of schedule the state plan for 210,000,000 tons this year.
COMMODITY PRICES
FORLIGN EXCHANGE
NEW YORK
Closing rates were:
Canade
Engurus M-JAYN Brightmy
Our unchanged.
LONDON
Closing rates were:
New York
Montreal
Amateriam
Copenhagen Frankfuri
Milan
Stockholm
Paris
Viewt
Zurich
1,03-10/30 2.0414
41
2.50-7/16-2.0OTS
2.70-11/16-2.707%
10,0734-104734 19:336-10.344 11.001-11 COK 37685-17469 1177-1177 14.4735-24/7!L 7143-12.40 12234-12.2394
Other unchanged-UP.,
RUBBER
LONDON
The rubber market was quiet with spot quoted at 24-10/10 pence per lu. Prices:
No. 1 s spot pem
"Refilement hotis terini
Jan.
Jan Mar
April/ne
Juty/pepl
2436-30 24-26-15 23-201
204-264 Aleeyat markaig, eie baila, posjur 047-2015
Dee, Jen. nri Val,
Betale crepe thin, Dec. Estate brope thion D90,
SINGAPORE
After opening
nuntles
#lightly below sterling,
The previous levels the murket; The apart Tauver
was cusler on summe buyein
ellers selling pressure and lack of buy-
bales ing interest.
2-month
Lower sheet interest
mall sexle with sellers
rather
buyera solar
more inclined to meet the mar-
unchanged at
system of preferential trading. But Ly an ironical twist, nows that Britain is los- ing grip on the European market çoincided with the announce- In addition to this tremen inent that New Zealand is to elush preferential margins en- 700 Joyed by British exports in her
domestic market."
10745
7574
{
100
TOI
nit
Bedevilled
dous advance in current pro- dis- xcologists have duction, euvered that China's coal re- I serves stand at about 9,000,000 million Inine millon million) fons instead of the 1,500,000 million llen a
(one million five problem that has recently hundred thousand million) tona bedevilled Commonwealth trade estimated previously, the Mini- relations. Arttala has always ter asserted-Reuter. been the
for biggest market
Behind his decision
dairy products
ket. Factories were disinterested Lead, zinc and coppers were] Commonwealth
Deyling continued through ell steady today. Prices closed but it cannot go on absorbing trest of the Afternoon with at the end of the unofficial increasing output of countries godown hedge and trade bull afternoon session, in sterling like New Zealand
une selling. Shortly before the close per long ton as follows:
paying their prices when other countries are offering similar products at much lower
short covering steadied prkos
lightly.
No. 1 rubber per ib. Dec. 0314-46
Jan. 6-ási
Скурст
Spot 3-month 6316-33 Lear 1st half'
Doc.
No. 2 rubber por th. Dec. M-0012
No.
་
No. 1
A rubber unbeled
lanket crepo
No. 1 pale crepe
ASISTERDAM
Countries like New Zealand on the other hand cannot br ex-
Buyers Sellera
227 27 costs.
227
7324 14
62.03 1316-001% 76-70 b315-00
Mor.
Dec.
ケン
Zine 1st half
7416
7443
Mar.
7122
7216
her farm surplusco,
The rubber market was ebay today. Prices cloned in guilders per kilogram eit Dec, as follows: No. 1 rubber
rubber
No. 3 rubber No. 1 crepe
2.46 nom.
2.41 now,
2.37 Nom
1.P.I.
METALS
COTTON
I
LIVERPOOL
UK Finishes
Paying Loan
Ottawa, Dec. 1. Brilain today Anished repay": big o seven hundred million doilar Interest-free loan, grant-j might be potential customers for World War Two.
ed by Canada in 1942, during)
pected to discriminate in favour of British exports and against exporis from ecuntries which
Rys-
Air Reduction 1958 net timated at 3.50 a share against 4.32, the record, in 1937--Bache & Co.---.P.I.
American Offer
For British Company
London, Dec. 1. Tabe Investment Limited un- nounced that, in associa- tion with the Reynalds Motal Company, they had made an offer worth £35 million for the whole of the issued stock of the British Alumínium Com- The offer pany Limited, was made last Monday,
consideration The purchase exports in her domestic mariect.
ing by the British High Com- offered was one Tube Invest- step taken
missioner Bit Saville Gorrer. years
ment ordinary share, plus 7801 ngo by Australia Ind ta
Fleming cabled the Books
Chan- in cash for every two Bellish of the bilateral agreemento with third cellor
Exchequer, Aluminium ordinary chores. countries provided they do no
Heathebat Amory, expressing The announcment salt that "pcrioun harm" to British Satisfaction at the "remarkable the shares would be vested, in a economic recovery of the United British holding company, in In exports.
Kingdom"-France-Presse, ·
Cotton future closingh, pence per. lb, were as follows: American Contract
LONDON
Dec/Jan.
Mar/Apr.
May/June
London, Dec. 14
JULY/AUT
Oct/Nov.
De/3an.
Theo/2am.
Mar/Apr.
Juty/Ave.
The tu market who xloady, Spot renaited unchanged a Mixed Contract 757% end three-months fell tontering.
To the afternoon the market whe· again' steady with spot) ossing to 1671⁄4 and three-}
23.20
Hence New Zealand's-decision- The last payment—$7,500,000
WBLET
handed to Canadian
to cut preferential tarift margins Finance Mulater, Donald Flem- enjoyed by Delfish
two
+
Exchange Rates
Nelther the Europeen proposals
which Tube Investment would nor New Zealand's decision is
hold 81 per cent of the equity Meely to have any Immediate or
ari Reynolds Metal 48 per ceal. This would ensure that the con- 22.00 disastrous effect on British ex- 7240 ports. But the underlying warn-
trol of the Brilni Aluminum 2100 ing is clear at a time when
Company could not pass out of Hino, WAN cone be.
dure in the local British hands. exchange market this: ooming mare. difcult to nell, nofielni
Bir Ivan Birðaford, chairman morning at the following rates:me 3.78 British gods will have to be 18. stollar (per 31)
"B.ta of Tube Investment. and 23.00 come even mure competitive if Bierfing noten (per £1)
I was hopeful that the Treamity 21.00 they are to hold their share of Australian notes (per, 611 1134 would now give consent to the
world markeis-London Express glam tleals (per 100)
indosterian rupiah (per 100.
öfter-Cluna Mill 2616 American Singapore (Siraila)
21,00
21.00
exports are in Roy
Service.
Special.
•
P.O
الوم
24%,
7015
Com 1
Sears, Nivelmek a fi
Solo Airetafi
Southern Co. (The) Sleep Rock
Toronto Expe
Sun-hie Mining
Textron toe
T-Cost Warrants
Union 01 of Cal
United Gan Corp. C.B Steel 7 PC PF Westingheue Air Brake Western Draon Tel Co. West V» Pulp & Paper
.U.P.
BIE&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL 5.N, CO.
•
E
Ontwasda
"SOUDAN"
"PERIM"
*
*
*
"CARTHAGE”
Leares U.E.
Batled 741
Batted 1/11
Bled 1/il
Due Hongkong 9th December 17th December 14th Damba
15th January
"COROMANDEL 20th November
"SURAT"
"CANTON" "CHUSAN"
Elemewards "CARTHAGE" **SOUDAN" "OANTON" +"CHUSAN"
"CORFU"
6th December, 10th January
12th December
23rd December
11th January
19th January
Leaves Hongkong the London
18th December
6th January
játh January
19th February
14th January
3rd February
14th FebruRTY
4th
13th February 10th March
Via S'pore, Pennas, Colombo, Bombay, Adeo à Ps. Brig. * "SOULAN" extends to Hamburg, Rotterdam & Antwerp, and omile Bombay.
↑ "CHUBAN" also calls at Naples & Gibralter.
BRITISH INDIA S.N, CO., LTD.
"SANGOLA" doo 7th Dec.
from Japan
alls 1Bit Tree. for Calcutts, Rangoon,
Penang & Singapore
"PACHUMBA" due 17th Dec. from Japan
sus 19th Deo. for Hingapore, PenaDE. nangoon, Calcutta & Crulingong
r
P. & O./B. I. JOINT SERVICE
"PADANA"
*OR DIA”
in Fort valla 2nd Dec.
HUD 2nd Dec. la 4th ed.
aze Cth Dec. sails 7th Dec,
"UMARIA”
"URLANA" dne 0th Dec.
mails 11th Doc.
#rom Karachi
for Whampoo & Japan
from Japan
for Ringapore, Penang. Coeblu, Doubey, Kara
ht, Musent, Kuwait,
Bestall Khorramanshr
from Dombey Tor Japsa
DUDAL &
from Japon for Spore, Karachi. Dubl. Kuwait, Iskarahi
Korrainaksatır
EASTERN & AUSTRALIAN S.$. CO., LTD.
"EASTERN" loads 10th Dec.'
"AKAFURA”
all 11th Dec. for Labuan, Sandakan, Brisbane, Sydney, Mel- bourne & Adelaide
due 14th Dec. ferd Australia mil 10th Dee. Jor Japan
All vessels have liberty to call at any porte da or off the route & the route &"antlinga are subject. is change or amendment with or without botics.
For full partientarą apply to i MACKINNON, MACKENZIE & CO. OF HONG KONG LID. Telephone Now: 27721-4.
I